Urvashi Verma

Gemini Gets Go-Ahead On Zcash From New York Regulators

Gemini crypto-exchange receives approval to trade Zcash
Gemini Gets Go-Ahead On Zcash From New York Regulators

Crypto-twins Tyler and Cameron Winklevoss declared that Gemini crypto exchange has received approval from NYSDFS to trade Zcash, Monday.

Gemini will begin accepting deposits of Zcash starting May 19 at 9:30 AM EDT, and trading will commence May 22.

A statement released on Gemini Exchange’s blog says:

“We have been working closely with the New York State Department of Financial Services (NYSDFS) to obtain approval to offer Zcash trading and custody services to our customers as a New York trust company. NYSDFS is the first regulatory agency in the world to supervise Zcash, reaffirming their position as the leading financial regulator in the area of digital assets.”

Cameron Winklevoss, president of the Gemini exchange, revealed in a letter to Forbes that Zcash’s privacy features were part of the appeal to add the cryptocurrency to its platform.   

However, to maintain regulatory compliance, Gemini will allow deposits from both forms of addresses, but only unshielded withdrawals will be permitted.

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In addition to Zcash, approvals for Bitcoin Cash, Litecoin, and Ethereum classic are also in the works, according to Forbes.

NYDFS Superintendent Maria Vullo stated that the move reaffirms New York’s commitment to innovation in the global marketplace and thorough regulatory oversight will aid in the long-term growth of the industry.

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